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to fix the u.s. economy. waiting on spain, the ecb expected to hold steady on rates. country's president tells cnbc that europe's policymakers must remain focused. >> if we get bogged down into what was meant by the june agreements and waste time on this kind of discussions, then it's much less likely that a coherent system will emerge. >> madrid continues to put faith in the hands of private investors while finance minister heads to london to raise funds for the country's bad bank. and india's crucial services sector grows at its fastest rate in seven months, while the government gets set to take another swing at boosting it through foreign investments. thanks very much for joining me. anyone that's missing ross, he'll be back in tomorrow. but for now, you're all mine. . plenty to come on the next couple hours of the show. lots of guests to help us figure out what's going on. we'll get a view from sydney about cautious shoppers. borrowing costs are expected to fall. we'll bring you those results from madrid. and we'll head out to malaysia for an exclusive interview with the country's pr
further weakness. >> the euro trades lower as draghi speaks in brussels. the ecb president announces proposals to deal with risks from the banking sector. >> plans to make further proposals for macro policy particularly on vulnerabilities linked to bank funding. >> angela merkel faces a tough reception in greece as protesters take to the streets. >>> and alcoa kicks off what could be subdued u.s. earnings season. third quarter results of the s&p 500 are expected to drop overall snapping 11 quarters of gains. >>> okay. good to have you back. >> good to be back. you were out, i was out, it was -- >> and i was a little worried about what you were up to, so i do admit, i had you followed. and my man, he sent me back this photograph. >> oh, no. >> that is you with the goggles, right? >> yes, that's me with the goggles. >> what's going on? >> that's my sister at the end there. so i was back at my alma mater in virginia for my college reunion. part of that was -- >> to dress up and pretend you played lacrosse. why are you the only one with goggles? >> that's actually a relatively new additi
pressure for cuts to boost the ailing eurozone economy. the ecb president, mario draghi, said the bank is ready to help buy eurozone bonds to help troubled eurozone member countries. how did the markets react to the latest developments? our correspondent sent us this report from the frankfurt stock exchange. >> inflation has spiked. it is a surprising development. one that has probably prevented the ecb from lowering rates in the eurozone in this month of october. what is more, mario draghi, the president of the ecb, does not expect inflation to come down significantly until next year. still, though the economy is in recession, perhaps rate cut are still a possibility in the eurozone. nonetheless, the situation irritated the markets. the stock market was not able to do much. it did strengthen the euro. that really went up, probably not least because of the statement also by mario draghi that the ecb would be ready today to start its bond buying program -- if spain does request help from the esm and fulfills the conditions. >> let's take a closer look at the numbers. the dax ended the d
. there was disagreement over the timing and the number of banks that the ecb would oversee. >> the eu leaders are reconvene today to discuss issues like china and syria and iran. the toxic issue that has engulfed the eurozone for so long, threatening its very future, banking, is behind them. one leader said, the worst is behind us. this morning, he said, they have come up with a good agreement, however should be thought of. what has been agreed? the hope of relieving the debt crisis in the eurozone. to create a single banking adviser under the responsibility of the ecb. the hope is that all 6000 banks in the eurozone would gradually come under the eye of this regulator by 2014. portier would be given to those banks that have -- priority would be given to those banks that have received state aid. chancellor and joe merkel has been in weary of some of the steps. there are sharp differences between germany and france, the country's eberhardt of the eurozone. but the deal is a compromise. -- the countries after a heart of the eurozone. but the deal is a compromise. >> there are those are obviousl
. >>> and the ecb chief to talk about the central bank's response to the eurozone debt crisis, specifically the ecb's plan for unlimited bond purchases. silvia is in berlin and joins us now. what's the number one question, do you think, lawmakers want to ask mr. draggy? >> there's two parts of it. germans are always obsessed with inflation, so the largest number of this 120 or so people who are sitting on the budget committee and the capital markets committee and the european affairs committee are going to ask yet again about the dangers to inflation, whenever we're heading. the second question is what the ecb does still within its mandate. is this still monetary policy? if what they're doing, if the omt is a monetary policy measure that is absolutely necessary to repair dysfunctional markets, why hasn't it happened yet? why are there political conditions set to dispensing monetary policy to doing its job? these are questions that are buzzing around here. has the ecb actually abandoned monetary policy a long time ago and entered into quasi fiscal policy? there's a lot of talk about that. but also,
would be directly overseen by the ecb, and some would be indirectly. so perhaps no prizes for guessing where the german savings banks will fall. but we also had discussion about the idea of a eurozone budget and it looks as though based on what germany was saying, this would be proper correct based. so a more broader stabilization than they envisioned. so perhaps a bit of negotiation going on between the german and the french there. i asked the swedish prime minister about his views. this is what he had to say. >> our worry is that we don't think that the proposal is really answering to all the questions. for us, you need say if you find a bank in trouble, who is recapitalizing that and who is paying it. because that's what the market and taxpayers want to know. they don't want to cover other nation states banking systems. until we have the clear answers to that, proposal is not ready. and for me, there's no need to rush. only a need to do things right. >> that's definitely the perspective that we're getting that, yes, we move swiftly, but you can't rush this. perhaps some of the south
the ecb has been doing, that has reduced the tail risks in the short term. in order to keep going, we need to hand off to fundamentals. today's employment report, while better, is not strong enough for that hand off. >> can i follow up with something you said earlier? you said there are other people at pimco who do believe it's a possible conspiracy theory. tell me more about that. is that bill? >> no, some other people on the trade floor. we go into incredible detail on this report. some say, hey, wait a minute, how could you have government jobs doing what they're doing? isn't it peculiar they're doing that now? we look at every element. whatever number you can pick, you can attach some conspiracy theory. i do not think, as i said earlier, that it stands the test of time. if you look over time, you go debt these inconsistencies. >> what i was a real estate reporter 20 years ago, there were people who thought we were manipulating the housing numbers back then. that was in the first bush administration. let me talk about the fiscal cliff a little bit. what's the deal going to look like? is
in the ecb in september. 412 billion euros in august. so that number is steady. >> i thought we already knew this, perhaps it was just speculation or forecasts that i just saw, but it was a sense that the borrowing had come down a bit, but never the less according to the central bank, 400 billion euros in borrowing from the ecb. i spoke the spain's foern minister of foreign affairs about the country's woes. we'll hear what she had to say. >> and then to tokyo where japan has suffered the biggest drop in machinery orders in nearly three years. >> plus over to new york, goldman sachs internal probe into muppet claims comes up fruitless. >> have you've got any thoughts, questions, worldwide@cnbc.com. first of all, the brazilian central bank signaled it's taking a break from further easing after cutting rates to a record low. it was lowered to 7 at the present time 25. in a statement, it says the stability of rates for a sufficiently prolonged period was the best strategy. and hot on brazil's heels, south korea central bank also lowered its benchmark rate by 25 basis points. let's go to seoul. r
at its back. for example, today the ecb and bank of england met and kept rate policy the same, so we continue to see global inflationary policies out of central banks. likewise there continues to be union strife and worker strife in south africa, which will contribute to the metal. and then of course, as i mentioned, tension in the middle east is seeing significant middle eastern financial concerns buy gold in a flight-to-safety trade. > > have a good friday on this jobs friday john. > > thank you. looking ahead, this year's fourth quarter may be the best for job seekers since just before the recession. in our cover story, a number of employers big and small say they plan to take on more employees, despite uncertainty over the so-called fiscal cliff at the end of the year and the presidential election next month. companies of every size say they're about to hire more fulltime permanent staff than they did last year during the fourth quarter. 16% of companies with up to 50 employees 20% of those with up to 250 and 34% of companies with more than 500 employees "i think it's the most op
about. but anyway, thanks for that. moving on from bond, slightly different. the ecb executive board member, former, gcjurgen stark says the central bank crossed a red line when it decided to intervene and expressed conditionality of the omt program. >> either monetary policy or qui say fiscal policy and the ecb has started to move already in spring 2010 and now in the more visible way i have to say in this direction. this is not the task of the central bank. if it there is a monetary policy issue or a monetary phenomenon, then the central bank has to intervene. in the case that the ecb comes to the conclusion in its analysis that there is a deflationary market, it has to continue, use all instruments and maybe invent new instruments. but not in this respect now to say if country a and country b meet these conditions, then we will intervene, and what has happened since the president of the ecb made his announcement about to do whatever is needed, he made the statement in july now we are at end of october, so a long time has already passed. and if there is a monetary policy issue, the
. after the meeting he dressed the bond buying plan is consistent with the ecbs role. >> these actions are fully and foremost in compliance with our mandate of the delivering stability for the whole of the euro area in the medium term. >>> draghi said the meeting was an opportunity to build trust between the ecb and german public. >>> the company says it has won state guarantees on loans of up to $9 billion from 2013. the auto maker will suspend dividend payments in exchange for the loans. suffering sluggish sales in europe and decided to close an assembly plant outside paris. other automakers are struggling in the european market while the euro zone credit crisis is hurting car sales. u.s. automaker ford announced it will shut a key plant in belgium, that means 4,300 workers will lose their jobs bite eby the end of 2014. >>> the owner of a business in northern japan looked across the sea to russia's far east and spotted an opportunity. resource projects have created an economic boom in a city, and incomes are rising. so one japanese firm is hoping residents will spend some of their ca
is a little more murky. the other answer to your question is, because the federal reserve and the ecb are helping prop up stocks. that's a major factor. everybody knows it. i don't know how much you think they're propping up stocks. most traders i talk to believe it's significant. it's not a minor factor in the whole thing. the more important question is where you stand, sam o this whole issue of buying the u.s., home depot trade, buy auto, buy housing stocks, consumer stocks in the u.s. as a way to insulate yourself from the rest of the world. >> the dog with the least fleas. >> everybody's doing this trade for several months. while it's working, cyclical stocks are still outperforming, global cyclicals. >> i still think when you're dealing with stocks are you not dealing with a total isolation. what happens across the pond still affects what happens here. you still can look to the consumer discretionary, which is one of the two best performing sectors in terms of earnings expectations, financials being the second. you can say, well, it's because they have lack of international expos
is a back door bailout from the ecb but going to have to happen if they want greece to stay n >> talk about this, michelle and bring simon back n do you think is going tonight ecb is that the learned of last resort if it is not going to come from germany? >> not going to be explicit do something like the country will issue short-term treasury notes, their banks will buy them, bring them to their central bank, give them to the ec. >> about the ecb gives back the cash, the german government pay backed ecb. >> will be law andered? >> it will be laundered money, exactly. >> simon, what do you think? >> or extend the maturities that is the other possibilities. >> i have heard that this -- they begged for that absolutely right, keep asking and the ecb keeps saying no. >> most people think in the end, the way it is going to happen is through the laundered system through the back door, through the central banks. >> what about spain, michelle some people were posing the question that the greece certain lives the story of the day today with the protests, with ms. merkel going to greece, but spain rea
level assuming they have the fire power to do so. a lot's been spoken about in terms of what the ecb going to do and support they're going to give and how they'll get spain and greece out of the mess. so it's a big among. >> meanwhile glencore shares are down after the news that ex-strata is backing the mega merger offer. they'll walk away with 9.6 million pounds severance pay. is the pay issue going to get resolved? >> could well be a sticking point. they've made some progress recommending the 2.8. so they're going for the 3.05. i suppose now having split the two, they can't be accused of trying to railroad the retention packages. a lot of shareholders will need more detail on the retention packages, who actually is involved, and particularly the likes of black rock and of course obviously they can still scrap the whole deal. >> mick davis will be walking away. how will shareholders view that is this ? >> looking at a pretty good deal for him. shareholders i think will be looking at that, but they also i think will be looking at the wider poll of who the others are, how they've been
we have is a proposal from the ecb to trigger intervention with certain conditions. an certain conditions that i understand perfectly, the ecb is still independent, but they have demanded that in order to interve intervene, one certain conditionality. >> meanwhile reports suggest the italian trench leaders will push rajoy to seek a bailout when at the meet on the sidelines of a summit in malta today. julia's has been in madrid and joins us. what do you you make of those comments? >> they were interesting. i have to depend it slightly, though. he did draw a distinction between a full troica style bailout and this enhanced credit line. i do think this is an extension that isn't being made particularly domestically. but there are two very separate things here. certainly with regards to scale. so i do feel like i need to defend him slightly on that point. he also suggested that they weren't far off the conditional itity required for the ecb bond purchase program. of course he's not only got pressure on the macroeconomic fund, domestically the bank of spain suggested yesterday that
things the equity markets are looking at, qe-3 in the states, ecb bond buying. but the interesting thing is the underlying stock support is getting rather more defensive, they're more focused on cash. if respect. >> so what can he can to in terms of laying confidence?f re >> so what can he can to in terms of laying confidence?espe >> so what can he can to in terms of laying confidence?ct. >> so what can he can to in terms of laying confidence?. >> so what can he can to in terms of laying confidence? >> so what can he can to in terms of laying confidence? >> a lot of concerns relate to things outside the uk, in particular the weakness of the euro area, uncertainty. so there are things the government can do and many things they have done, but i think a lot of what's going on relates to can earns about europe. we still have getting on for a third of cfos expect the single currency to break out within the next 12 months. there's a perception that the economic environment is very uncertain, and that clearly is weighing on willingness to invest and expand. >> instead of chief financial officer
the ecb can make decisions. it might also mean that for the countries outside the eurozone that can choose to opt into this oversight plan, they might not be able it legally vote on the decisions that the ecb makes. guys, back to you. >> julia, thanks very much for that. neal, your thoughts on the importance of this summit or whether you agree with hollande that it's over. the debt crisis is solved. >> it's wishful thinking. i think everyone would like to be over because it's been a major down side risk for too lon. the problem is that the summits that we've had during the course of the crisis have always been great fanfare, the silver bullet to resolve the debt and banking crisis and of course nothing really happens. but i think we're slowly moving forward. i think the key issue for resolving the eurozone crisis is whether germany decides to monetize the debt. if it does, there will be eventual progress toward fiscal union. >> can they do it in a way that is palatable to the german -- >> no doubt an element of political tactics going on here, but certainly german taxpayers are worried to
that european parliament committee is advising to oppose the appointment to the ecb board. asked to propose a different ecb board candidate. the reason to say we advise against it is gender diversity is an issue. european parliament can't veto board appointments, it can only advise. >>> let's bring you you up to speed where we stand. earnings aside with the general asset market prices with the asian update. >> asian markets finished on a mixed note following dis disappointing earnings from the u.s. shanghai composite turned higher in the afternoon session as ban banks recovers. big energy and shale gas plays outperformed. bpoc backed newspaper said china has no grounds for more monetary easing, but investors continued to eye are market relations that will lower money rates. developers and financials helped. china mobile gained ground ahead q3 earnings. nikkei posted it long he was winning streak in more than a year. hope for more boj action. exporters also got a boost from the weaker yen. shares of sharp jumped over 7% on reports that it's lifting its igzo it is play output. more on that st
in on the close. coming to you today getting the reaction of the debate, ecb move, and more on wall street today with money moving back into stocks. my partner bill griffeth at the new york stock exchange looking at this double-digit rally, bill. nobody better to speak to that the largest asset manager on the planet today with ton the heelse big debate. >> yeah, i'll be looking forward to what larry has to say. thank you. i'm belill griffeth here at the big board. some say mitt romney may have reset his presidency bid with the debate tonight. stocks are higher. he's generally viewed friendlier to business in wall street. we're also seeing specific groups move in sync with romney's position. coal stocks, for example, getting a lift after he addressed support for them last night. hospital stocks are down on concerns heck make big changes to elements of obamacare that could help hospitals. we should point out energy is very strong today. that, of course, has been one of the leaders for stocks this year. they are powering the market higher as well today with the dow just off the highs, up 86 points.
reasons to be very optimistic about the u.s. looking into 2013 and '14. >> reporter: former ecb governor said spain must have that request for those funds. it cannot sustain its economy without it. carl? >> steve, thanks so much. a lot more from you later on today. >>> when we come back, time to make the donuts. dunkin brand trading slightly positive after quadrupling its profit in the third quarter. up next, ceo will join us live for his first interview since releasing the results, nigel travis. >>> the ceo of iac is here to defend misreporting of the company's earnings by a financial information website and the effect on that stock yesterday. back after a break. [ male announcer ] do you have the legal protection you need? at legalzoom, we've created a better place to turn for your legal matters. maybe you want to incorporate a business you'd like to start. or protect your family with a will or living trust. legalzoom makes it easy with step-by-step help when completing your personalized document -- or you can even access an attorney to guide you along. with an "a" rating from the bett
to keep stability in the markets and the ecb has done some very constructive things in terms of its long term refinancing operations, in terms of more recent proposals to try to help keep markets stable for at least a period of time. but the ecb's actions, as useful as they are, are not going to solve the problems. they're basically just going to provide time. while the ecb provides time, it is very important that the governments of europe work together to provide the structural changes that are necessary. we are pretty confident that the europeans will rise to this challenge. they have very strong interest in preserving stability, preserving the euro. they have very strong political investment in the euro area and the european union as ways of trying to create greater political economy in europe. so there is a lot of incentive to get it done but it will be a difficult task because of the fact you are dealing with in the eurozone 17 sovereign nations each with its own parliament and then additional countries outside the eurozone in european union which have influence on broader policy de
, of course, looking ahead to the jobs report on friday. as for europe, the ecb, as expected, holding the course on rates. we are looking at these headlines crossing from mario dragi. we'll monitor those as to where he will stand and the ecb stand on future rate cuts. >>> our road map starts in denver where president obama speaks this morning, trying to counter the widespread perception that he lost last night's debate. his in-rate contract down 7%, but do stocks have to start pricing in a romney rebound? >> the ecb standing pat on rates as expected as the pressure on spain to file for a bailout eases with borrowing costs a little lower this morning. markets looking ahead to tomorrow's jobs number and the start of earnings season next week. >> it's back. facebook hits the billion user milestone. 1 billion monthly active users as of september 14th. this as its ceo does the rounds, appearing on the cover of "businessweek" and giving nbc an exclusive interview. we've got some of that exclusive later on in the show. >>> and how bad can things get at hp? meg whitman knocks down guidance, s
is if they cut spain to junk status. we do have the ecb, there is a backstop on bond buying program. and they made a commitment that they stand ready to help out spain if it makes a formal request. that is the key whether spain is going to turn around and say it does need the help from the ecb. you know, borrowing costs to day, corporates in spain, that's gone up along with the actual yield on spanish sovereign debt. back to you. >> amazing story. karen tso, thank you so much. still ahead this morning on "way too early," the as find a way with the season on the line in the ninth inning, the team that came back from 13 games down to win the division comes back again. play-off highlights and incredible highlights ahead in sports. plus, stephen colbert turns to the 7-eleven poll. which giant cup is selling better there, the obama one or the romney one? that clip and a check on weather when "way too early" comes right back. >> on several occasions thomas told me of his own sexual prowess. because i was extremely uncomfortable talking about sex with him at all, i told him that i did not
them moving down to almost let's say french levels. the answer to that is no. if spain goes to the ecb and the esm and asks for sovereign bond market assistance, which frankly i think they need to come and i wouldn't be at all surprised if they do it in november, then you could see i think with ecb action quite strong downward movement in bond yields. >> it's for that reason that they won't push span, bond yields up. and as long as that's the case, the government won't ask for assistance if they can keep funding them. >> do they want to fund themselves or if the omt was activated, do they want to fund themselves at, say, sub 4%. >> all depends on the conditionality. and they don't know what it is going to be. >> nobody has told us what the condition would be, but if you look at the action the spanish government has taken, you have to ask the question what more could they do. and i actually struggle to find what other measures could take place. and the problem with spain which we're also seeing in portugal is that with the debt trap, fiscal revenues have collapsed and so you really stru
is spending and who is not and what that suggests about the u.s. which i. plus the ecb set to announce a policy decision later this morning. we will talk expectations. bags, a crash management system and the world's only tridion safety cell which can withstand over three and a half tons. small in size. big on safety. for the spender who needs a little help saving. for adding "& sons." for the dreamer, planning an early escape. for the mother of the bride. for whoever you are, for whatever you're trying to achieve, pnc has technology, guidance, and over 150 years of experience to help you get there. ♪ [ male announcer ] the exceedingly nimble, ridiculously agile, tight turning, fun to drive 2013 smart. ♪ >>> good morning. welcome back to -- miles is here. this is the neighborhood. >> you're schooling me on this, but i love it. >> if you like them, you're a hoodlum. >> you have a great ear. you picked the last huge indy song that went over and crossed over. >> what was it, she did a -- mac, what wases that? yeah, she did another. >> the details and sultsity isu. i didn't hear that. >
into equities? >> well, i think our guest spoke earlier and said he thought it was the ecb. i contend why didn't the ibex go up? i'm not saying the rally is going to last, but there's very little doubt that anyone that looked at a chart last night and look how our equity markets diverged from the european equity markets. even after the press conference, they were pretty much sideways. in terms of mean reversion, mean reversion's got people in trouble. it's called fat tails. when they explode, mean reversion rubber bands snap. >> all right. we'll leave it there. thanks, everybody. appreciate your time tonight. we are watching a market that certainly continues with momentum here. we'll have more on hewlett-packard's struggles. what it's going to take to turn this company around when i speak to carly fiorina. we're live today from blackrock's trading floor in new york city. we have a lot more ahead on this special action-packed edition of the "closing bell." >>> coming up, blackrock's chairman and ceo weighs in on everything from the markets to the upcoming election to why his firm was built for
, the president of the ecb after the central bank will have met. >> let's take a closer look at some of the market members. teh dax close the day almost a quarter percent up. the euro stoxx 50 close to just a tad down at 2492. across the atlantic, the dow jones is going down. 13,000 four hundred 73 the number there and the euro is trading for $1.29. in belgium, a 24 hour strike by rail workers has paralyzed the train network. but the service between london and brussels had to be suspended. >> it has also disrupted the high-speed services between france and germany. workers are protesting plans to restructure belgium's state railway. the action is set to and within the hour. >> to iran where protesters in the capital have clashed with riot police. they are angered by the collapse of the country's currency. it plunged to record lows this week. >> demonstrators gathered and they shouted slogans against the president, mahmoud i am -- on a new job -- ' >> hundreds of protesters have gathered in cairo to demand that women's rights be protected in egypt's new constitution. >> it has caused alarm among wo
. but as recently we had the ecb announcing its new omt to save the emu. >> one acronym is now here to stay and leaders say it's one to remember -- esm, or european stability mechanism. >> it is designed to rescue countries that get in trouble. >> there is a big legal challenge in germany and now it is here. they're hoping it will turn out to be worth the wait. >> european finance ministers smiling after frequent outbursts. their signature as formally establish the bailout fund. it will prop up member states. >> getting esm on the runway shows that they're committed to overcoming the difficulties of our time. >> it shows we are predictable, reliable. eventually they will realize that. >> investors have been speculating that big eurozone states like spain could need help. they have denied that they will be needing a bailout. >> we have enough crisis in europe. i'm optimistic at the moment for future prospects of the eurozone. >> for now, it's still quiet in the luxembourg office. a bailout request could come soon. >> we will be in luxembourg for that meeting of european finance ministers. wo
with the ecb, second with growth. third with tax on financial transactions, which is going to happen between france, spain, italy, and other countries in europe. we are i believe truly taking into account political necessity to confront this crisis. of course it's too slow. we need to implement reforms. we're working on it. >> reporter: moscovici says the french, all europeans, in fact, should follow through with measures to reduce their debts. he said spending cuts are prerequisites for growth in the long run. >> this is why structural reforms are so necessary. and this is why if we need to deal seriously with that, i don't believe austerity is something good for the people. you cannot have growth in the midterm or long term if you've got austerity forever. we need to get out of it, but collectively. >> reporter: they've wrestled some of the same things. he's the president of the european investment bank. european union states have boosted the bank's capacity in an attempt to provide more loans to businesses across the region. >> we were able to considerably increase our investment into the
, which had been at odds at the scope of the ecb's new powers and when they will be put in place. and it was a long night for the chancellor, but in the end, angela merkel got what she wanted. a eurozone banking supervisor will not go into operation in germany. >> people need to be brought together in a whole new authority, which today, on october 19, does not even have a legal framework ready on the horizon. no one can tell me it is going to be up and running by january and better than anything we currently have. it just would not work. >> instead, you leaders agreed to have the legal framework in place by january 1 -- eu leaders agreed. the european central bank is to lead the mechanism, but the precise number of banks to be monitored and what powers it will have remained unclear. france was looking for more rapid action. >> what do i feel about this meeting? it took longer than what is really necessary because there was already a basic agreement between germany and france, but it took longer because it was also a debate between those in the eurozone than those outside. >> thos
by the ecb's actions i don't think it will be as big of a factor going forward. we look for some resolution of the fiscal cliff, which is probably weighing on corporate sentiment and i believe 2013 the earnings outlook will improve. >> do you think this earnings season is factored in our markets? >> yes, bill, i do. i think the equity market as a general rule is a decent discounter of the near-term future. we have seen weaker gdp numbers. i think earnings being soft is largely reflected in the market. >> it was five years ago this week the dow hit its all-time high. we saw a selloff this week. we are still not that far away from that peak of five years ago. do you think we will get back there anytime soon? >> yes, we do. i think you can definitely see record equity highs by year end. even though the market has taken a long time to get back up top those near previous highs, keep in mind that multiples are much lower, interest rates are much lower, korptd balance sheets are in much better shape. yes, i think it is a matter of time before we break the old highs and set new lightly new highs. >
. >> bob samuelson. >> i rated for the "washington post." you did not mention the ecb and i'm just wondering, when you look back on the craze says, does the ecb bear any responsibility for the crisis? were there things that did that shouldn't have done and things that didn't do that it should have done? >> well, i have a general comment about the instruments of macroeconomic policy in any given market. when you are having a restrict to fiscal policy, the logical compensation reflects policy and byways but it happened in the u.s. and the u.k. so i would welcome a policy in europe to be coddled with restrictive policy. but is the european center? i was the european central bank regime of this issue? i think is doing a great job. first of all it is operated it is operated banks. injecting 1 trillion banks. injecting 1 trillion euros in this time. that means that the proper role of the central bank has been in there. and in the role of the european central bank has addressed the issue for a framework that has been announced prior to september. when he defined a framework in which the e
into consideration. first, there must be a clear separation between the responsibilities of the ecb. the ecb should be able to carry out supervision in a differentiated manner, meaning using national authorities and supervisory tasks as much as possible. it will be designed and implemented with the integrity of the markets of financial services in mind. and finally, the mechanism should be inclusive and transparent. all member states are free and invited to join. these opener should be reflected in the structure with appropriate rights and obligations for all. it is the first essential step towards a complete integrated framework for the financial sector. other steps also need to be taken quickly, starting with harmonizing national resolution and guaranteed schemes following which the commission will propose a single resolution mechanism. as agreed in june, direct capitalization by the europeans debility mechanism would be possible once it has been established. we ask the euro group to drop an exact operational criteria. for a stable come economic and monetary union, we also need frameworks for bud
on the comments of the fed, the ecb, they have not really turned their droex earnings at this point. once we see companies missing estimates and revenue targets, that will certainly start to filter in to the way markets trade. >> are you predicting that individual stocks will fall when they disappoint or that the market will fall? not that they disappoint, let me rephrase it, when they come through with profits lower, do you believe the stocks will fall or that the market will fall? >> i think it will have no impact on the overall market depending on how many companies report misses, if they do, but also what the guidance is for the fourth quarter and even in 2013 not painting such a py picture at this point. so i think it really does depend also on what the guidance is going forward. >> inevitably, good to talk to you. christine schult, senior manager at s&p capital. melissa, you have the 5:00 show and know earnings season starts tonight and you'll talk about alcoa. >> we will also be on the conference calls. thank you for that, simon. we have another market flash here, this time within the clo
. and that is the ecb, the european central bank, continues to stabilize the command in europe and the fed itself in the united states. and the eurozone governments, particularly germany, acts in a cooperative way to fund a weak european sovereign debt. further, the european banks raise the course of the capital they have to raise. and the ecb takes off troubled loans and they earn money with a positive yield slow curve. the european financial institutions are earning their way out of the hole. let me just say that there have been two schools of thought. one school of thought has been that the problem is so complex, so difficult to understand that it exceeds one bandwidth then they don't want to invest. the second school of thought, which i perceive would be 45 years and investing, everybody believes that it generally doesn't hit. so maybe it was an wasn't easy way out. what i have been saying is that the breakup of the year awards eurozone, the ecb, the imf, 70% funded by the united states, germany, france, japan, will all chip in to do what they have to do to kick the can down the road. and we
that would be supportive of gold, namely qe 3, the ecb and the bank of japan is already in it. i think ultimately you'll see it fall. i'd look to re-enter that trade after the u.s. election. that's when historically gold and gold equities do well. >> you're talking short term. what about the longer term possible inflationary implications of the very -- the move by the ned to keep rates as low as possible right now? isn't that considered inflationary? wouldn't that be good for gold, long term? >> yeah, absolutely. so if you're looking out 12 months i think you see gold pass $2,000, up, for sure. that's certainly going to happen. if you look at the fmoc meetings from the last meeting, they basely said they're talking off the inflation story. in fact, inflation news or the story would be great for the market. great for gold. >> in the meantime, both of you like stocks over gold. i'll let you -- i'll let you gold bugs out there draw your own conclusions on that one for now. maria? >> bill, thank you so much. >>> we're well off the highs on wall street as we approach this final stretch. i w
in hand to the ecb as early as this weekend. are you expecting that? are you trading on that? what's going on? michelle is already shaking her head. >> traders think that they should ask for the rescue/bailout, but i think they're starting to agree more and more with michelle, which makes the following story that much stranger. you know, ft about an hour and 15 minutes ago beat everybody on what is growing to be a big story. royal bank of scotland, the big bailout they had from the u.k., well the european commission ordered them to liquidate some assets. in 2010, they decided to sell about 320 branches. this was about a $1.6 billion -- excuse me, 1.6 billion pound deal. but the plug was pulled on it. exactly why, there's no comment. but many think it's a deterioration of the balance sheets and the economy in europe. also, it might be more of an aftermath of issues that are haunting royal bank of scotland. in either case, it shows a deterioration that might be a big story coming into next week. >> spain's not asking for a bailout, rick, until their interest rates rise. that's it. maybe they
and whether they ask for aid from the ecb. there was a rumor out today that maybe they'd set up a line of credit. how do you think that resolves itself? >> well, that's the topic we've been discussing here at stanford. i think the general sense is mario draghi, the head of the ecb, has offered a pathway and bought some time. but now the key players have to act. they have to act on the reforms on their fiscal and structural side, but also in particular, spain is likely going to need to face this step. this is something that under their democratic process only they can decide. there's sensitivity with others in germany. frankly, one of the lessons in the european crisis over the past two or three years is if you get a breather and then you wait too long, the markets or something may hit you again. i hope that they act to stabilize. >> you know, on the one hand, it feels like the corporate sector has not been this strong in a long time. you're talking about lean and mean companies, huge cash levels, $3.6 trillion by some estimates. yet, they're sitting on the cash and we seem to be stuck
/dollar trading? >> sure, the euro's had a couple good tail winds recently. you have the ecb not cutting interest rates. in addition, the fact that spain did not get downgraded as many had expected. you've got the ecb offering potentially unlimited intervention to help peripheral countries. that's reduced a lot of downside risk for now. i don't know if it's forever. it's for now. so that's opened the way for a lot of people to cover short euro positions. i think the euro can go higher as long as broader risk appetite remains intact. for me, the election is a big, big deal. even though it's u.s., not europe f the election is messy, if people get nervous about that oar the fiscal cliff, we'll see the euro fall as money goes back to t bills. >> it's a great point. ri rick, what are you seeing today? >> i'm a little nervous about trying to buy the current selloff in the treasury complex because, of course, itti could t a life of its own. on the other hand, they don't say even though starts and new home sales may be improving, there's still a huge foreclosure buildup that may be sitting on the books i
that in the support at the e.c.b. and his bold action. you've seen in the a changing stance on greece and i think the driving force within germany now is we want to have presidential campaign, we want to have our elections, we're going to deal with big decisions after that and we just want to hold things together. so in a short term -- on a short-term horizon i'm more optimistic than i was because i see you have the tools to hold things together, particularly the's bees new ability to have the transactions. i think you've got some greater willingness to be flexible with countries like greece, slightly less nutty fiscal policy in the sense that they're not ramming down greater fiscal proliferation. they're huge challenges. the shrinking, the recession is deep. and i'm not clear that they know where they want to go. huge, huge challenge. but compared to where we were i'm less pessimistic. >> i've always been a tiny bit more optimistic. like always these things. i always claim i'm right in the long term but if you take what she just said, there's reasons to be pessimistic because, yes, the germans a
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